QuoteMedia Announces 5% Revenue Growth for 2020

PHOENIX, March 26, 2021 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, announced financial results for the fiscal year ended December 31, 2020.

QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information. We compete with several larger legacy organizations and a modest community of other smaller companies.  QuoteMedia provides streaming data feeds, on-demand request-based data (XML/JSON), web content solutions (financial content for website integration) and applications such as Quotestream Professional desktop and mobile. 

Revenue for the year ended December 31, 2020 was $12,402,224 versus $11,793,731 in the comparative 2019 period, resulting in a 5% increase. Consistent with our forecasts, revenue for the fourth quarter of 2020 was $3,266,083 versus $2,975,094 in the comparative 2019 quarter, resulting in a 10% increase.

“This has been a very successful year for QuoteMedia,” said Robert J. Thompson, Chairman of the Board of QuoteMedia, Inc. “Despite the disruption caused by the COVID-19 pandemic we experienced healthy improvements in revenue, significantly increased staffing, and made major advances in product and business development.

“Looking ahead, based on customers currently under contract, we are expecting a significant improvement in revenue growth and a return to profitability in 2021. For the first quarter of 2021, we are forecasting revenue growth of approximately 20% and expect to maintain this trajectory for the remainder of the year. We also expect our cash balances to rebound in 2021 as our revenue catches up with the increased expenditures associated with the new products and data expansion initiatives undertaken in 2020.

“The economic downturn related to COVID-19 did not leave us unaffected, as it forced some of our clients to halt projects and even caused some to cease business activities entirely. As a result, we saw a 365% increase in bad debts compared to 2019. Still, we are continuing to take advantage of new opportunities arising from the economic downturn, as the added pressure on financial sector firms to find more efficient and cost-effective solutions to their data and technology needs is leading them to explore QuoteMedia’s offerings. Additionally, we are seeing an increase in the need for our services for customers working remotely during the pandemic, and we expect this to be a lasting trend.